AME - BofA midcap portfolio cuts growth adds to cyclicals like Chewy: Sector Watch

Midcap stocks have been in the middle so far this year, outperforming small-caps but trailing large-caps. Now, BofA is deploying more cash in its model portfolio. The SPDR S&P 500 Midcap Index (NYSEARCA:MID) (NYSEARCA:SPMD) is up about 14% year to date, with the Russell 2000 (RTY) (NYSEARCA:IWM) up nearly 13% and the S&P 500 (SP500) (NYSEARCA:SPY) gaining 19%. BofA strategists led by David Harris say in a note they are replacing the cash in their midcap model portfolio. The sectors BofA are reducing: Info Tech (NYSEARCA:XLK) to a 15% position from 16%. Cutting Global Payments (NYSE:GPN) to 1% from 2.5%, but boosting Fortinet (NASDAQ:FTNT) 3% from 2.5%. Communication Services (NYSEARCA:XLC) to a 2.5% position from 3.5%. Selling out of IAC/InterActiveCorp (NASDAQ:IAC) from a 1% position. Healthcare (NYSEARCA:XLV) to a 12.5% position from 14%. Cutting Chemed (NYSE:CHE) to 2.5% from 3.5% and Dexcom (NASDAQ:DXCM) to 2.5% from 3%. The sectors getting

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BofA midcap portfolio cuts growth, adds to cyclicals like Chewy: Sector Watch